The Malé City Council has incorporated a major development project valued at at least MVR 1.5 billion into its Development Plan under the medium-term financial framework.
According to the plan presented during a council meeting, financing for the project is expected to be secured through private sector investment opportunities.
The proposed development includes the construction of parking structures, housing developments, sea terminals, parks, public spaces and commercial buildings.
The Development Plan also outlines measures to strengthen the council’s revenue base, including the introduction of a base-rate framework for leasing council-owned land and properties.
Under the medium-term financial plan, the council also proposes establishing a reserve fund to invest in income-generating initiatives. The council said the fund is intended to create a sustainable source of revenue for the institution.
The plan further proposes investment in renewable energy to optimise financial resources and reduce electricity-related expenditure.
To address the continued increase in administrative operating costs, the council has included a range of cost-reduction measures. These include the development and implementation of a digital-first policy across its administrative operations to improve efficiency and reduce overhead costs.
